US markets rose overnight amid optimism over the coronavirus stimulus package and upcoming corporate earnings announcements. Earlier, European stocks climbed after China's central bank announcement on shorting the yuan and progress in the US' stimulus package.

On the local market, the FBM KLCI tumbled 11.92 points to 1518.43 points. Following the positive performance in Wall Street, the FBM KLCI could remain buoyed with resistance at 1550 points. 

Among stocks to watch are: Top Glove is evaluating a dual primary listing on the Hong Kong Stock Exchange (HKEX). The proposed HKEX listing is still at a preliminary stage and the structure has not been finalised. Top Glove is said to be considering raising more than US$1 billion from the listing; UMW Holdings said its automotive market share in Malaysia achieved a new record high of 53.7% in August, and that the group registered a higher automotive sales volume in the third quarter of 2020 (3Q20) following stronger sales performance of Toyota and Perodua cars; MESB has received a takeover offer from Lotus KFM's directors Wong Sak Kuan and Yau Ming Teck, after the two acquired a total of 29.49 million shares in MESB for RM8.85 million or 30 sen per share; MyNews is bringing popular South Korean brand CU to Malaysia's shores. It signed a licensing agreement with BGF Retail Co Ltd, which runs the CU line of convenience stores. MyNews plans to open 500 CU outlets in Malaysia within five years, with the first set of stores set to open in 2021; Tiong Nam Logistics has proposed the issuance of 67.05 million shares, representing 15% of its current share base, to raise RM29.2 million for capital expenditure to expand its business. Of the total proceeds to be raised, RM28.8 million will go towards the acquisition and/or construction of additional warehouses to meet the increased demand for storage surfaces.